THE Land Bank of the Philippines (Landbank) has extended financial support to the ACDI Multipurpose Cooperative (MPC) to boost the co-op’s working capital catering to uniformed personnel.
The state-run bank has granted ACDI MPC rediscounting lines to provide affordable credit for its over 269,000 members, including active and retired members of the Armed Forces of the Philippines (AFP), and other uniformed personnel.
The ACDI MPC is the largest cooperative in the country in terms of assets. The Landbank support will help the co-op offer more loan packages at friendly rates to help members buy their dream home and vehicle, establish a business, or send their kids to school.
“Since 1996, we are proud to have supported ACDI MPC’s growth and expansion into one of the largest cooperatives in the country. We will remain committed to strengthening the co-op’s working capital to boost its lending activities for our uniformed personnel, and support expansion plans in their other business lines,” said Landbank President and CEO Lynette V. Ortiz.
Landbank President and CEO Ortiz and ACDI MPC Chairman MGen Gilbert S. Llanto AFP (Ret) led the signing of the loan agreement on April 8, 2024 at the Landbank Plaza in Malate, Manila. They were joined by ACDI MPC President Brigadier General Alfredo G. Ramirez AFP (Ret), Executive Vice Presidents Esperanza G. Cauyan and Juliet B. Saavedra, Landbank Executive Vice President Ma. Celeste A. Burgos and Senior Vice President Lucila E. Tesorero.
“Today, the confidence that Landbank has put on us will reflect on the way our people will also operate. Being the leading financial institution of the government, I think it’s a good affirmation of how far ACDI has gone also,” said Llanto.
Landbank is also supporting the ACDI MPC’s digitalization journey for enhanced operations and services through the bank’s suite of digital banking solutions. The co-op is currently utilizing the Landbank weAccess for select banking transactions and the e-Tax Payment System (eTPS) for paying taxes online.
Last year, ACDI MPC received the prestigious Landbank Distinguished Initiators and Movers of National Development (Daimond) Award for Outstanding Non-Agri-based Cooperative during the bank’s 60th anniversary client commemoration event on 08 August 2023.
As of end-February 2024, Landbank’s outstanding loans to the cooperative sector have reached P73.8 billion for the benefit of nearly 1,400 agri and non-agri-based co-ops nationwide. (PR)